WASHINGTON (dpa-AFX) - After early gains, crude oil prices slipped into negative territory on Thursday, but eventually settled on a positive note, regaining lost ground amid optimism the ongoing high level U.S. and China trade discussions might result in the two countries moving closer to reaching a trade deal.
Data from U.S. Commerce Department that showed an unexpected substantial drop in retail sales in December raised concerns about growth and fears of a fall in energy demand.
The Commerce Department report said retail sales tumbled by 1.2% in December after inching up by a revised 0.1% in November. Economists had expected retail sales to rise by 0.2%, matching the uptick originally reported for the previous month.
Excluding a jump in auto sales, retail sales plunged by an even steeper 1.8% in December after coming in unchanged in November. Ex-auto sales had been expected to edge up by 0.1%.
West Texas Intermediate Crude oil futures for March ended up $0.51, or about 1%, at $54.41 a barrel.
Oil prices rose fairly sharply earlier in the session, buoyed by reports that the U.S. might extend its deadline for implementing additional tariffs on Chinese goods.
According to reports, U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, currently in talks with Chinese Vice Premier and other top officials, are scheduled to meet Chinese President Xi Jinping tomorrow.
Copyright RTT News/dpa-AFX
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